Pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations'), Outcome of Board Meeting held on 11th June, 2025 held at ....
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Parle Industries informed the stock exchanges about its Board meeting held on 11 June 2025, where directors decided to terminate the Share Purchase Agreement (SPA) signed in September 2024 with shareholders of Welldone Integrated Services Pvt Ltd (WISPL), Windfield Spaces Pvt Ltd (WSPL), and Marvelous Vickyfoods Pvt Ltd (MVPL). Under the original deal, Parle was to issue 3.48 crore equity shares at Rs. 36 each (face value Rs. 10, premium Rs. 26) on a share-swap basis to acquire 100% stake in these three companies, making them wholly-owned subsidiaries. WISPL and MVPL failed to hand over share certificates despite Parle completing its side of the deal, constituting a material breach. The Board invoked Clause 10.1 of the SPA and terminated the agreement with immediate effect, meaning WISPL and MVPL will NOT become subsidiaries of Parle. The agreement with WSPL remains unaffected.
The cancelled acquisition removes the planned business expansion through these two targets and the associated 3.48 crore share dilution. Investors should note this is a negative development for growth plans, though the company cites breach by the other parties and may pursue legal remedies for compensation.